Bone Care International Announces Second Quarter 2002 Results.Business Editors/Health & Medical Writers MIDDLETON Middleton, city (1991 pop. 51,373), Rochdale metropolitan district, NW England, in the Greater Manchester metropolitan area on the Irk River. Manufactures include cotton, silks, chemicals, plastics, and soap. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Jan. 21, 2002 Bone Care International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BCII BCII Battle Command and Intelligence Integration ) today announced revenues for the quarter ended December December: see month. 31, 2001 increased to $3,832,000 from $567,000 in the quarter ended December 31, 2000. Revenues for the six months ended December 31, 2001 increased to $6,484,000 from $1,930,000 in the six months ended December 31, 2000. These increases resulted from increased sales of both Hectorol Hectorol™ Endocrinology An agent for managing 2º hyperparathyroidism linked to ESRD, which may used in predialysis Pts (R) Injection and Hectorol Capsules. Bone Care reported a net loss of $1,254,000, or $0.09 per share for the quarter ended December 31, 2001 compared to a net loss of $2,690,000, or $0.22 per share for the quarter ended December 31, 2000. The net loss was $3,390,000, or $0.24 per share for the six months ended December 31, 2001, compared to a net loss of $4,418,000, or $0.37 per share for the six months ended December 31, 2000. Gross margins improved to 79% in the quarter and six months ended December 2001 compared to 73% in the quarter ended December 2000 and 74% for the six months ended December 2000. Current year gross margins have improved because inventory that had been previously written off can now be sold as a result of an FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval to extend the shelf life of Hectorol Capsules from three to four years. The Center for Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. Services issued a national J-code effective January January: see month. 1, 2002, which significantly increases the number of providers able to bill for Hectorol Injection. Bone Care has increased the size of its sales force and clinical support specialists during the last six months in recognition of this expanded market opportunity. Bone Care recently hired Basil Mundy as Vice President - Marketing to help address both the current dialysis dialysis (dīăl`ĭsĭs), in chemistry, transfer of solute (dissolved solids) across a semipermeable membrane. Strictly speaking, dialysis refers only to the transfer of the solute; transfer of the solvent is called osmosis. market, and possible future markets. Mr. Mundy was most recently employed as the Director/Group Marketing at Celltech Pharmaceuticals, Inc., and previously was the Marketing Director for the National Kidney Foundation Not to be confused with American Kidney Fund. The National Kidney Foundation, Inc. (NKF) is a major voluntary health organization in the United States. Its mission is to prevent kidney and urinary tract diseases, improve the health and well-being of individuals and . Bone Care submitted a supplemental new drug application (sNDA) in December to the FDA for use of a lower strength of Hectorol Capsules to treat secondary hyperparathyroidism secondary hyperparathyroidism Endocrinology ↑ Parathyroid activity with overproduction of PTH due to parathyroid hyperplasia in response to an extraparathyroid defect that results in ↓ Ca2+ Etiology Rickets, vitamin D deficiency, chronic renal failure in predialysis patients. Hectorol Capsules are currently approved for the treatment of secondary hyperparathyroidism in dialysis patients. Less than 50,000 of the 285,000 dialysis patients in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. are treated with oral vitamin D vitamin D Any of a group of fat-soluble alcohols important in calcium metabolism in animals to form strong bones and teeth and prevent rickets and osteoporosis. It is formed by ultraviolet radiation (sunlight) of sterols (see steroid) present in the skin. . If the FDA approves Bone Care's sNDA, the market for Hectorol Capsules could be expanded. Bone Care is a pharmaceutical company engaged in discovering, developing and commercializing improved vitamin D-hormone therapies to treat secondary hyperparathyroidism in patients with kidney, or renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg , and osteoporosis osteoporosis (ŏs'tēō'pərō`sĭs), disorder in which the normal replenishment of old bone tissue is severely disrupted, resulting in weakened bones and increased risk of fracture; osteopenia , and other diseases including psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the and cancers of the prostate prostate /pros·tate/ (pros´tat) a gland surrounding the bladder neck and urethra in the male; it contributes a secretion to the semen.prostat´ic pros·tate n. The prostate gland. adj. , breast and colon colon, in anatomy colon, in anatomy: see intestine. colon, in punctuation colon, in writing: see punctuation. colon Segment that makes up most of the large intestine. . This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight , costs of sales, other expenses, profitability, financial resources, or products and production schedules, or statements that predict or indicate future events and trends and which do not relate solely to historical matters identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's beliefs as well as assumptions made by and information currently available to management. Accordingly, the Company's actual results may differ materially from those expressed or implied in such forward-looking statements due to known and unknown risks and uncertainties that exist in the Company's operations and business environment, including, among other factors, technical risks associated with the development of new products, regulatory policies in the United States and other countries, reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies of public and private health care payors, introduction and acceptance of new drug therapies, competition from existing products and from new products or technologies, the failure by the Company to produce anticipated cost savings or improve productivity, the timing and magnitude of capital expenditures and acquisitions, currency exchange risks, economic and market conditions in the United States, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the rest of the
world, and other risks associated with the Company's operations.
The Company disclaims any obligation to update any such factors or to
publicly announce any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
BONE CARE INTERNATIONAL, INC.
Statement of Operations
(Unaudited)
Three Months Ended
----------------------------------
December 31, December 31,
2001 2000
----------- -----------
Revenues $3,831,997 $567,091
Operating Expenses:
Cost of sales 793,812 154,707
Research and development 1,200,031 1,069,924
Sales and marketing 2,546,782 1,645,133
General and administrative 893,294 566,363
----------- -----------
5,433,919 3,436,127
----------- -----------
Loss from operations (1,601,922) (2,869,036)
Interest income 348,019 179,047
----------- -----------
Loss before income tax (1,253,903) (2,689,989)
Income tax expense - -
----------- -----------
Net loss $(1,253,903) $(2,689,989)
=========== ===========
Net loss per common share -
basic and diluted $(0.09) $(0.22)
=========== ===========
Weighted average common stock
shares outstanding 14,072,551 12,241,524
=========== ===========
BONE CARE INTERNATIONAL, INC.
Statement of Operations
(Unaudited)
Six Months Ended
----------------------------------
December 31, December 31,
2001 2000
----------- -----------
Revenues $6,484,137 $1,929,924
Operating Expenses:
Cost of sales 1,386,718 495,923
Research and development 2,591,748 2,051,190
Sales and marketing 4,796,617 3,098,050
General and administrative 1,808,228 1,019,582
----------- -----------
10,583,311 6,664,745
----------- -----------
Loss from operations (4,099,174) (4,734,821)
Interest income 709,072 316,339
----------- -----------
Loss before income tax (3,390,102) (4,418,482)
Income tax expense - -
----------- -----------
Net loss $(3,390,102) $(4,418,482)
=========== ===========
Net loss per common share -
basic and diluted $(0.24) $(0.37)
=========== ===========
Weighted average common stock
shares outstanding 14,030,063 11,849,096
=========== ===========
BONE CARE INTERNATIONAL, INC.
Balance Sheets
December 31, 2001 June 30, 2001
(Unaudited) (Audited)
----------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 3,314,720 $ 1,842,838
Marketable securities 19,184,773 15,079,575
Accounts receivable, net of
allowance for doubtful
accounts of $166,141 at
December 31, 2001 and
$100,000 at June 30, 2001 2,451,060 3,347,300
Inventories 3,526,015 1,810,574
Other current assets 719,351 1,085,103
----------- -----------
Total current assets 29,195,919 23,165,390
Long-term securities 5,972,083 14,424,490
Property, plant, and equipment
- net 1,663,547 1,503,005
Intangible assets, net 1,463,005 1,384,485
----------- -----------
Total Assets $38,294,554 $40,477,370
=========== ===========
Liabilities And Shareholders' Equity
Current liabilities:
Accounts payable $ 1,903,713 $ 1,612,543
Accrued liabilities
Compensation payable 627,020 208,930
Accrued clinical study and
research costs 221,697 147,635
Due to customers - 135,102
Other 612 70,055
Allowance for sales returns 205,000 205,000
----------- -----------
Total current liabilities 2,958,042 2,379,265
Shareholders' equity 35,336,512 38,098,105
----------- -----------
Total liabilities and
shareholders' equity $38,294,554 $40,477,370
=========== ===========
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